Commercial Vehicle Market is valued at USD 1336.59 Billion in 2017 and expected to reach USD 2094.85 Billion by 2024 with the CAGR of 6.63% over the forecast period.

Commercial vehicle market consists of vehicles which are specially used for purpose like transporting goods and services from one place to another and get paid for the transporting services. Many types of commercial vehicles are used for transporting raw materials from mines area, products from industry to market, people from one place to another. Commercial vehicles include mini trucks, pickup trucks, mini and large buses, coaches, lorries, light trucks, heavy trucks, trailers, and semi-trailers. A vehicle may be called as a commercial vehicle if it belongs to a corporation, is used for business, is a leased vehicle, having weight rating of more than 26,001 pounds or used to transport hazardous material.

Commercial vehicle market is segmented on the basis of vehicle type, by fuel and by end-use type. On the basis of vehicle type it is divided in to light duty (ex-minivan, sport utility vehicle, pick-up truck, panel truck etc.), medium duty and heavy-duty vehicles. By fuel type the commercial vehicle market is classified in to petrol, diesel and others. On the basis of end-use the market is divided in to industrial vehicles, mining and construction heavy vehicles, logistics, passenger transportation.

The regions covered in this Commercial vehicle Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Commercial vehicle is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Increased Use of Telematics and Connectivity Services are the Driving Factor for Commercial Vehicle Market.

The development factors of commercial vehicle market were related to growth of global market, economic expansion, but these factors are having less effect due to new driving factors like integration of telematic services, demand for specific transport solutions, and rising popularity of fleet sharing are key to this market. Due to new telematics and connectivity operations, the manufacturers have introduced vehicles installed with connected services like weather reports, accident warnings, traffic data, update on roadworks etc. Connected vehicles provide benefits like enhanced safety, prevention of unauthorized access etc. another driving factor is growing demand of developing countries for commercial vehicles, which are being used in transport of construction materials, tourism, transportation of products and so on. The other driving factors are rise in e-commerce and logistics sector, rising demand of alternative fuel based commercial vehicles, increasing demand for mining trucks and so on. Rising air pollution levels are causing governing bodies to upgrade vehicular emissions regulations for commercial vehicles on intervals less than a year. The main restraint for this market is increasing regulation by the government body on vehicular emissions to restrict rising pollution level, which in turn impacts the market as the manufactures have to change their market strategy accordingly and cannot sell their old models.

The opportunities in this market are use of vehicle like hybrid and electric vehicles, autonomous vehicles, vocational commercial vehicles etc. increasing introduction of turbocharged downsized engine in LCVs and HCVs will reduce the production cost of the vehicles which in turn increasing demand of the products.

North America is expected to dominate the Commercial Vehicle Market

The global commercial vehicle market is expected to grow at a CAGR of 6.63%. North America was the leading region for the global commercial vehicle market in 2017, accounting for a market share of nearly 41%. The north America captured largest share of revenue and volume of the market. The positive growth is due to increase in financing options, increase in infrastructure investment and government focus on automotive heavy vehicle. Due to demand of vehicles in Canada and Mexico the markets growth rate is higher in these countries comparing to USA. The Asia pacific region is estimated to have highest CAGR of more than 7.6% over the forecast period. The development road infrastructure, rising manufacturing facilities with cost effective labor and raw materials in developing countries like china, India are expected to contribute in growth. The Europe and MEA will experience moderate growth with rise in industrialization.

Being acquainted with the concepts and terms of finance and business, and the capability to present them in a well-versed and simple language to the readers, Jim earned this position of Senior Content Writer in our organization. Having an interest in ongoing political affairs, Jim also puts forth his standpoints pertaining to it.